From: Townsendas@aol.com
Sent: Sunday, January 25, 2004 8:25 PM
To: rule-comments@sec.gov
Subject: New Confirmation and Point of Sale Disclosure Requirements
To whom it concerns there at the SEC:
I am writing as an ardent supporter of more stringent disclosure requirements
for mutual fund managers. I especially like the rule changes that would
require professional who sell mutual funds to reveal the costs of buying
fund shares and any possible conflicts of interest. As a fee only financial
planner professional, it sickens me every time I encounter a situation where
investors are unaware of the various expenses of the funds in which they've
been advised to invest. It is fundamental ethics 101 to divulge not only the
full costs of recommendations but also any possible conflicts of interest to
clients. It is embarrasing to the profession that so often neither is done.
Far too many advisors, who should act as fiduciaries with only the best
interests of their clients in mind, act instead with their own best interests
in mind. This must stop!
It is extremely important that the common investor feel confident in his or
her advisors and in the mutual funds in which he or she is invested. The
extent of the current problems with mutual funds is appalling. Please enact
the recently proposed new guidelines as soon as possible.
Anne Townsend
32 High St.
P.O. Box 525
Biglerville, PA 17307
717-677-8323